News & Updates
The latest news and updates from companies in the WLTH portfolio.
Comment: Incompetent governance led to Cowichan decision chaos
The Crown simply hasn't bothered to truly finish the project of confederation by responsibly settling the underlying land questions in the westernmost province. A commentary by the director of Indigenous affairs at the Macdonald-Laurier Institute and the founder and host of the Breakthrough Nation podcast. A lot of the anger and frustration since the release of the Cowichan decision late last summer -- a decision that found Aboriginal title in parts of Richmond -- is fuelled by the assumption that this is an "Indian problem". It isn't. The root of the problem that has sent homeowners in Richmond and across B.C. into a frenzy can be traced back to an act that could be described as "Crown misconduct." On Sept. 3, 1863, Colonel Richard Moody, then the Chief Commissioner of Lands and Works responsible for administering Crown lands in B.C., discreetly sold himself parcels of land along the Fraser River that Crown authorities knew to be part of a Cowichan settlement. Corrupt governance, followed by more than a hundred years of lazy governance, is the real cause of our present difficulties. The 1800s brought about treaty making in Canada, as the Crown worked to expand settlement westward. Treaty 8, negotiated with folks in Alberta, expanded to include northeast B.C. From 1850 to 1854, the Douglas Treaties were negotiated. But treaty making stopped there, leaving roughly 80% of British Columbia's land base legally unresolved. Since then, the Crown simply hasn't bothered to truly finish the project of confederation by responsibly settling the underlying land questions in the westernmost province. Across much of Canada, treaties were negotiated to lay out the terms that would manage the First Nations-Crown relationship in a specific territory. By contrast, in the years that followed Treaty 8 and the Douglas treaties, B.C. didn't believe that it needed to resolve questions of land with First Nations; it refused to recognize Indigenous land title. B.C. governments operated on the assumption that the Crown already owned all the land. That theory hit a wall in 1973 when the Supreme Court of Canada confirmed the existence of Aboriginal title within Canadian law with the Calder decision. From there came Delgaamuukw, first filed in 1984, making its way to the country's top court where the SCC confirmed that Aboriginal title is protected by Section 35 of the Constitution Act, 1982, and laid out the legal test for how it must be proven. It also laid out the test to justify the infringement of Aboriginal title, noting that this is indeed a high bar test. These and other court and civil challenges resulted in B.C. leadership creating the B.C. Claims Task Force in 1990 to study and recommend government action. This led to the creation of the B.C. Treaty Commission in 1992, which was meant to focus on negotiated resolution rather than conflict-driven litigation. Few treaties were concluded; the B.C. Treaty Commission can point to only three modern treaties: Tla'amin Final Agreement (2016), Maa-nulth First Nations Final Agreement (2011), and Tsawwassen First Nation Final Agreement (2009). This issue of land uncertainty has remained relatively untouched since the 1990s, with governments apparently unbothered to prioritize resolution, it not being politically expedient to do so, and with a big focus on the social aspect of reconciliation, there was no need to pay attention to the nuts and bolts. That is, up until recent months. It wasn't too long after the Cowichan decision that the finger-pointing began: to the use of land acknowledgements to brainwash the courts into ruling in favour of First Nations in legal land disputes, to the local municipality for not notifying the impacted private property owners, to the antics of the Eby government for embedding the United Nations Declaration on the Rights of Indigenous Peoples (UNDRIP) into provincial law -- which critics argue has opened the door to the erosion of Crown land and private property rights -- and more. While it's possible that these things created the preconditions, a closer look at the Cowichan decision reveals a deeper source of this chaos. In the 19th-century the Cowichan people had a long-standing settlement at Tl'uqtinus along the Fraser River. Crown authorities were aware of their presence in that territory. The Cowichan and their lands ought to have been protected by the Crown. The land should have been set aside as a reserve. Instead it was surveyed and sold by the very Crown agent responsible for administering the Crown lands - to himself. That parcel of land is now held by private owners, municipalities, government agencies - all operating under the assumption that the land had been legally obtained by the Crown. They, wrongly, trusted that previous governments had done their due diligence. Courts are being asked to solve legal land issues that governments should have resolved, not exacerbated, a long time ago. The Crown has skirted its responsibility, everyone else is stuck trying to clean up their portion of a mess they didn't make.
Anthropic's IPO: What You Need To Know (Private:ANTHRO)
Looking for a helping hand in the market? Members of Cash Flow Club get exclusive ideas and guidance to navigate any climate. Learn More " Anthropic (ANTHRO) is one of the leading Artificial Intelligence companies in the world today, and an IPO could be coming later this year. While the company isn't publicly traded yet, I want to take a look at Jonathan Weber holds an engineering degree and has been active in the stock market and as a freelance analyst for many years. He has been sharing his research on Seeking Alpha since 2014. Jonathan's primary focus is on value and income stocks but he covers growth occasionally. He is a contributing author for the investing group Cash Flow Club where along with Darren McCammon, they focus on company cash flows and their access to capital. Core features include: access to the leader's personal income portfolio targeting 6%+ yield, community chat, the "Best Opportunities" List, coverage of energy midstream, commercial mREITs, BDCs, and shipping sectors,, and transparency on performance. Learn More. Analyst's Disclosure: I/we have a beneficial long position in the shares of GOOG either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body. Claude focuses on programming and coding, achieving top intelligence scores, which provides a unique selling proposition compared to broader LLMs like ChatGPT and Gemini. Key risks include regulatory and political uncertainties, potential competitive disruption, uncertain path to profitability, and the possibility of overpaying for an unprofitable, high-valuation company. Investors can gain indirect exposure through Amazon (AMZN) and Alphabet (GOOG), both of which hold stakes in Anthropic and have already realized gains from their investments.
Nvidia commits billions to Lumentum, Synopsys, Nokia, XAI, OpenAI, Intel in March alone
CNBC just said something that caught my eye: "This month alone, Nvidia has committed $2 billion each to Lumentum, Coherent, before that $2 billion into Synopsys, a billion into Nokia, stakes in XAI, OpenAI and Intel." That is an extraordinary amount of capital deployed in a single month, and it tells you exactly what Jensen Huang is building. Not a chip company, but the operating system for the entire AI economy. The centerpiece of the CNBC segment was Marvell Technology (NASDAQ:MRVL). Marvell designs custom AI chips for hyperscalers like Amazon -- chips that can compete directly with Nvidia's own GPUs. The new partnership flips that tension into an opportunity. As Huang put it: "Together, we'll be able to address the customers, whether they would like to use all Nvidia gear or they would like to augment their Nvidia gear with their specialized processors. And together we'll be able to address a much, much larger TAM." Marvell's data center segment generated $1.52 billion in Q3 FY2026, up 38% year-over-year, and the company's full-year FY2026 revenue growth is forecast to exceed 40%. Shares rose 22.5% in March alone. Lumentum Holdings (NASDAQ:LITE) and Coherent (NYSE:COHR) each received $2 billion commitments. Both companies sit at the optical interconnect layer of AI infrastructure -- the plumbing that moves data between GPUs at scale. Lumentum's CEO recently noted the company had a backlog exceeding $400 million in optical circuit switches alone, with Q3 FY2026 revenue guidance implying over 85% year-over-year growth. Coherent's data center segment hit $1.21 billion last quarter, up 34% year-over-year. Read: Data Shows One Habit Doubles American's Savings And Boosts Retirement Most Americans drastically underestimate how much they need to retire and overestimate how prepared they are. But data shows that people with one habit have more than double the savings of those who don't. Synopsys (NASDAQ:SNPS) received a $2 billion commitment tied to an expanded strategic partnership to revolutionize engineering and design. Synopsys posted Q1 FY2026 revenue of $2.41 billion, up 65.4% year-over-year. Nokia (NYSE:NOK) landed a $1 billion equity investment tied to an AI-RAN partnership, with Nokia's CEO describing AI as "a long-term structural shift that is expanding the role of networks." And Intel (NASDAQ:INTC) saw a $5 billion sale of Intel common stock to Nvidia completed, strengthening Intel's balance sheet as it ramps its Intel 18A process node. Nvidia's shares are up 60.95% over the past year even as the company deploys capital aggressively. With $96.58 billion in free cash flow generated in FY2026, Nvidia can afford to buy the ecosystem it needs. The message from March is clear: Nvidia intends to ensure the AI buildout runs through its infrastructure no matter whose chips end up on the racks. Most Americans drastically underestimate how much they need to retire and overestimate how prepared they are. But data shows that people with one habit have more than double the savings of those who don't. And no, it's got nothing to do with increasing your income, savings, clipping coupons, or even cutting back on your lifestyle. It's much more straightforward (and powerful) than any of that. Frankly, it's shocking more people don't adopt the habit given how easy it is.
SpaceX Aiming for Largest IPO in History
SpaceX's path to the public markets now has a code name -- and a crowd. The Elon Musk-led company has tapped at least 21 banks to work on its planned initial public offering, one of the biggest underwriting squads assembled in recent years, sources tell Reuters. The IPO, internally dubbed "Project Apex" and targeted for June, could value the Texas-based rocket maker at about $1.75 trillion. No company has ever gone public at a valuation above $1 trillion. SpaceX is looking to raise between $40 billion and $80 billion, per the Globe and Mail, with Axios putting the ideal figure at around $75 billion. Any figure in that range would secure the largest IPO of all time, by a long shot.
Perplexity AI sued over alleged data sharing with Meta and Google
Perplexity AI is facing a class-action lawsuit. The company is accused of sharing personal user data from chats with Meta and Google, Bloomberg reports. The lawsuit was filed Tuesday in federal court in San Francisco. According to the complaint, trackers are downloaded onto users' devices as soon as they log into Perplexity's home page. That is not unusual for many websites. What makes the allegation serious is the further claim: the trackers allegedly give Meta and Google access to conversations with the AI search engine. According to the lawsuit, this also applies when users enable "Incognito" mode. The suit was filed on behalf of a man from Utah who says he shared financial and tax information with the chatbot. If certified, additional plaintiffs may join. Meta pointed to its policies, which prohibit advertisers from submitting sensitive data. Perplexity spokesperson Jesse Dwyer said the company has not been served with any such lawsuit. Google did not immediately comment.
SpaceX seen as make-or-break test for mega IPOs
April 1 (Reuters) - The global IPO market has needed a win for years and Elon Musk's SpaceX could be the breakthrough. The last company to make a market debut at over a trillion dollar valuation was Saudi Aramco in 2019. An over "trillion-dollar" valuation, a CEO with a cult-like retail following and exposure to a high-growth industry - SpaceX has the elements the IPO market has sought to end a years-long drought in mega-deals. But whether investors have the appetite for a listing of this size remains uncertain. Besides, the company is so unique that its success could have limited spillover on broader market sentiment, analysts and experts said. "It's either a bellwether or a harbinger," BrianJacobsen, chief economic strategist at Annex Wealth Management, told Reuters. He added that there is enough enthusiasm around the business to attract investor interest, but it might be so singular, with its celebrity CEO, that it could actually hurt other space stocks rather than lift them by attracting all the attention. Here are some charts that show the market's current status and SpaceX IPO's potential: WORLD'S BIGGEST IPO ON THE HORIZON The rocket startup has confidentially filed for a blockbuster listing, looking to raise $50 billion or more, which could value it at $1.75 trillion, potentially dethroning oil giant Saudi Aramco as the world's largest IPO. "SpaceX will be far and away the largest IPO in history at the sizes being discussed now," said Samuel Kerr, global head of equity capital markets at deals data provider Mergermarket. "It will be a real test for public market capacity at a time of real market turmoil. But if any business can list in this market, its probably SpaceX given the tremendous hype." PIVOTAL TESTSpaceX's listing could serve as a bellwether for the IPO market. A strong reception would indicate that a long-awaited recovery in big-ticket deals is finally underway. Years of volatile markets, driven by rising interest rates, inflation concerns and geopolitical tensions, kept issuers waiting, even as the pipeline got bigger. The industry is hoping that 2026 will finally see a broad resurgence in market debuts. "A successful SpaceX listing could well act as a catalyst for other large-scale IPOs," Kat Liu, vice president at IPO research firm IPOX. "It would demonstrate that public markets have both the depth and appetite to accommodate sizeable, high-valuation offerings, and could help validate current late-stage private market pricing." TRILLION DOLLAR CLUB Several high-profile startups, including SpaceX, ChatGPT-maker OpenAI and TikTok parent ByteDance, have blurred the line between private and public companies, with valuations that rival those of top-tier S&P 500 firms. SpaceX's listing will put it in the league of mega-cap giants such as Microsoft and Apple that draw the lion's share of both retail and institutional investor flows. Elon Musk said in February that SpaceX had acquired his artificial intelligence startup xAI in a record-setting deal. The transaction valued SpaceX at $1 trillion and xAI at $250 billion, Reuters reported, citing a source. "The recent xAI fold-in allows him (Musk) to bundle launch, Starlink, and AI into a single, scarce mega story that can support a richer valuation than the businesses might achieve separately," said Minmo Gahng, assistant professor of finance at Cornell University. SpaceX generated about $8 billion in profit on $15 billion to $16 billion of revenue last year, Reuters reported in January, citing people familiar with the matter. CURRENT STATE OF PLAY An index tracking major listings has underperformed the equities benchmark over the past 12 months. Analysts say a successful SpaceX debut could help reopen the window for large, long-delayed listings, particularly in capital-intensive sectors that have struggled to attract public market investors. Though some have taken a more cautious view of the broader market's prospects. "(SpaceX) could take up so much capacity that other mega issuers might choose to hold off not to test the same window," Mergermarket's Kerr said. (Reporting by Manya Saini in Bengaluru; Editing by Sweta Singh and Shinjini Ganguli)
SpaceX's Mega IPO Could Decide Whether Big Listings Are Back
A blockbuster SpaceX float could reopen the IPO window for other giants -- or show that only celebrity-level deals can draw enough investor demand. Reuters says SpaceX has confidentially filed for an initial public offering (IPO) that could raise more than $50 billion and value the company around $1.75 trillion. What does this mean? The IPO market has been sluggish, with newly listed stocks lagging the broader US market over the past year. That makes SpaceX a stress test: can investors absorb a mega-cap newcomer without starving other deals of cash and attention? Reuters has previously reported SpaceX generated about $15-$16 billion in revenue and roughly $8 billion in profit last year, which supporters say could justify outsized demand. But some strategists warn success might be unique to this brand-nam..
Natural Gas: Asian LNG Demand Plunges as Qatar Outages and Hormuz Chaos Bite | Investing.com ZA
Imports of liquefied natural gas into Asian countries fell last month by the sharpest rate since 2020, when pandemic lockdowns decimated energy demand. The total for the month stood at 20.6 million tons, Bloomberg calculated, which was down by 8.6% on March 2025 - the most sizable drop since December 2020. Pakistan saw the biggest drop in LNG imports since it was buying it mainly from Qatar. LNG shipments to the country last month plummeted by 70% from a year earlier. India and China also cut their imports substantially, both seeing them down by about 20% from a year earlier. Asia is the biggest market for liquefied natural gas. Asia is also the destination of up to 90% of Qatari and Emirati LNG, or was, until last month. With the shutdown of Qatar's Ras Laffan LNG complex and the Strait of Hormuz traffic disruption, Asia is facing a lot of energy supply pain, and that pain is going to be prolonged. To cushion the blow, Asian energy importers turned to alternative sources of liquefied gas, but with several of Australia's massive LNG production sites disrupted by a recent cyclone, the choice of suppliers has been significantly reduced. Some are turning to U.S. LNG, snapping up cargoes initially destined for Europe. So far, since the start of March, almost a dozen LNG carriers have diverted from Europe to Asia, according to cargo-tracking providers. Others are turning to coal, including Bangladesh, India, China, and Japan. In fact, Asia as a whole is ramping up coal power generation. Although coal prices have increased by 17% since the war began, the rise is small compared to the 70% jump in Asia's spot LNG prices. Bloomberg Intelligence has predicted that Asian LNG prices could surge by 50% on stiffer competition for a limited amount of supply.
Natural Gas: Asian LNG Demand Plunges as Qatar Outages and Hormuz Chaos Bite | Investing.com India
Imports of liquefied natural gas into Asian countries fell last month by the sharpest rate since 2020, when pandemic lockdowns decimated energy demand. The total for the month stood at 20.6 million tons, Bloomberg calculated, which was down by 8.6% on March 2025 - the most sizable drop since December 2020. Pakistan saw the biggest drop in LNG imports since it was buying it mainly from Qatar. LNG shipments to the country last month plummeted by 70% from a year earlier. India and China also cut their imports substantially, both seeing them down by about 20% from a year earlier. Asia is the biggest market for liquefied natural gas. Asia is also the destination of up to 90% of Qatari and Emirati LNG, or was, until last month. With the shutdown of Qatar's Ras Laffan LNG complex and the Strait of Hormuz traffic disruption, Asia is facing a lot of energy supply pain, and that pain is going to be prolonged. To cushion the blow, Asian energy importers turned to alternative sources of liquefied gas, but with several of Australia's massive LNG production sites disrupted by a recent cyclone, the choice of suppliers has been significantly reduced. Some are turning to U.S. LNG, snapping up cargoes initially destined for Europe. So far, since the start of March, almost a dozen LNG carriers have diverted from Europe to Asia, according to cargo-tracking providers. Others are turning to coal, including Bangladesh, India, China, and Japan. In fact, Asia as a whole is ramping up coal power generation. Although coal prices have increased by 17% since the war began, the rise is small compared to the 70% jump in Asia's spot LNG prices. Bloomberg Intelligence has predicted that Asian LNG prices could surge by 50% on stiffer competition for a limited amount of supply.
SpaceX Starlink spacecraft breaks apart | Space photo of the day for April 1, 2026
SpaceX Starlink spacecraft seen prior to breaking up in orbit by a satellite. Breaking up is never easy. That's definitely the case for this SpaceX Starlink spacecraft, which underwent a "fragmentation event" on March 29, 2026. Today's image shows the spacecraft prior to it breaking apart. What is it? SpaceX described the fragmentation event on its Starlink X feed, writing: "On Sunday, March 29, Starlink satellite 34343 experienced an anomaly on-orbit, resulting in loss of communications with the satellite at ~560 km above Earth. Latest analysis shows the event poses no new risk to the @Space_Station, its crew, or to the upcoming launch of NASA's Artemis II mission. We will continue to monitor the satellite along with any trackable debris and coordinate with @NASA and the @USSpaceForce. "The event also posed no new risk to this morning's Transporter-16 mission, which was designed to avoid Starlink with payload deploys well above or well below the constellation. The SpaceX and Starlink teams are actively working to determine [the] root cause and will rapidly implement any necessary corrective actions." Why is it amazing? Today's image of Starlink satellite 34343 was captured by HEO on February 14, 2026. HEO is now working toward imaging the current state of the SpaceX unit after its fragmentation.
SpaceX seen as make-or-break test for mega IPOs
April 1 (Reuters) - The global IPO market has needed a win for years and Elon Musk's SpaceX could be the breakthrough. The last company to make a market debut at over a trillion dollar valuation was Saudi Aramco in 2019. An over "trillion-dollar" valuation, a CEO with a cult-like retail following and exposure to a high-growth industry - SpaceX has the elements the IPO market has sought to end a years-long drought in mega-deals. But whether investors have the appetite for a listing of this size remains uncertain. Besides, the company is so unique that its success could have limited spillover on broader market sentiment, analysts and experts said. "It's either a bellwether or a harbinger," Brian Jacobsen, chief economic strategist at Annex Wealth Management, told Reuters. He added that there is enough enthusiasm around the business to attract investor interest, but it might be so singular, with its celebrity CEO, that it could actually hurt other space stocks rather than lift them by attracting all the attention. Here are some charts that show the market's current status and SpaceX IPO's potential: WORLD'S BIGGEST IPO ON THE HORIZON The rocket startup has confidentially filed for a blockbuster listing, looking to raise $50 billion or more, which could value it at $1.75 trillion, potentially dethroning oil giant Saudi Aramco as the world's largest IPO. "SpaceX will be far and away the largest IPO in history at the sizes being discussed now," said Samuel Kerr, global head of equity capital markets at deals data provider Mergermarket. "It will be a real test for public market capacity at a time of real market turmoil. But if any business can list in this market, its probably SpaceX given the tremendous hype." PIVOTAL TESTSpaceX's listing could serve as a bellwether for the IPO market. A strong reception would indicate that a long-awaited recovery in big-ticket deals is finally underway. Years of volatile markets, driven by rising interest rates, inflation concerns and geopolitical tensions, kept issuers waiting, even as the pipeline got bigger. The industry is hoping that 2026 will finally see a broad resurgence in market debuts. "A successful SpaceX listing could well act as a catalyst for other large-scale IPOs," Kat Liu, vice president at IPO research firm IPOX. "It would demonstrate that public markets have both the depth and appetite to accommodate sizeable, high-valuation offerings, and could help validate current late-stage private market pricing."
SpaceX seen as make-or-break test for mega IPOs
April 1 (Reuters) - The global IPO market has needed a win for years and Elon Musk's SpaceX could be the breakthrough. The last company to make a market debut at over a trillion dollar valuation was Saudi Aramco (2223.SE), opens new tab in 2019. An over "trillion-dollar" valuation, a CEO with a cult-like retail following and exposure to a high-growth industry - SpaceX has the elements the IPO market has sought to end a years-long drought in mega-deals. But whether investors have the appetite for a listing of this size remains uncertain. Besides, the company is so unique that its success could have limited spillover on broader market sentiment, analysts and experts said. "It's either a bellwether or a harbinger," Brian Jacobsen, chief economic strategist at Annex Wealth Management, told Reuters. He added that there is enough enthusiasm around the business to attract investor interest, but it might be so singular, with its celebrity CEO, that it could actually hurt other space stocks rather than lift them by attracting all the attention. Here are some charts that show the market's current status and SpaceX IPO's potential: WORLD'S BIGGEST IPO ON THE HORIZON The rocket startup has confidentially filed for a blockbuster listing, looking to raise $50 billion or more, which could value it at $1.75 trillion, potentially dethroning oil giant Saudi Aramco as the world's largest IPO. "SpaceX will be far and away the largest IPO in history at the sizes being discussed now," said Samuel Kerr, global head of equity capital markets at deals data provider Mergermarket. "It will be a real test for public market capacity at a time of real market turmoil. But if any business can list in this market, its probably SpaceX given the tremendous hype." PIVOTAL TEST SpaceX's listing could serve as a bellwether for the IPO market. A strong reception would indicate that a long-awaited recovery in big-ticket deals is finally underway. Years of volatile markets, driven by rising interest rates, inflation concerns and geopolitical tensions, kept issuers waiting, even as the pipeline got bigger. The industry is hoping that 2026 will finally see a broad resurgence in market debuts. "A successful SpaceX listing could well act as a catalyst for other large-scale IPOs," Kat Liu, vice president at IPO research firm IPOX. "It would demonstrate that public markets have both the depth and appetite to accommodate sizeable, high-valuation offerings, and could help validate current late-stage private market pricing." TRILLION DOLLAR CLUB Several high-profile startups, including SpaceX, ChatGPT-maker OpenAI and TikTok parent ByteDance, have blurred the line between private and public companies, with valuations that rival those of top-tier S&P 500 firms. SpaceX's listing will put it in the league of mega-cap giants such as Microsoft and Apple that draw the lion's share of both retail and institutional investor flows. Elon Musk said in February that SpaceX had acquired his artificial intelligence startup xAI in a record-setting deal. The transaction valued SpaceX at $1 trillion and xAI at $250 billion, Reuters reported, citing a source. "The recent xAI fold-in allows him (Musk) to bundle launch, Starlink, and AI into a single, scarce mega story that can support a richer valuation than the businesses might achieve separately," said Minmo Gahng, assistant professor of finance at Cornell University. SpaceX generated about $8 billion in profit on $15 billion to $16 billion of revenue last year, Reuters reported in January, citing people familiar with the matter. CURRENT STATE OF PLAY An index tracking major listings has underperformed the equities benchmark over the past 12 months. Analysts say a successful SpaceX debut could help reopen the window for large, long-delayed listings, particularly in capital-intensive sectors that have struggled to attract public market investors. Though some have taken a more cautious view of the broader market's prospects. "(SpaceX) could take up so much capacity that other mega issuers might choose to hold off not to test the same window," Mergermarket's Kerr said. Reporting by Manya Saini in Bengaluru; Editing by Sweta Singh and Shinjini Ganguli Our Standards: The Thomson Reuters Trust Principles., opens new tab * Suggested Topics: * Artificial Intelligence * Refining Manya Saini Thomson Reuters Manya covers the most influential U.S. financial institutions, from Wall Street's largest banks and card networks to leading asset managers and fintech companies. She also reports on late-stage venture capital fundraises, initial public offerings on U.S. exchanges and regulatory developments shaping the cryptocurrency industry. Her work appears across the finance, markets, business and future of money sections of the Reuters website. She holds a bachelor's degree in political science from the University of Delhi and a master's in journalism from the Symbiosis Institute of Media and Communication.
Natural Gas: Asian LNG Demand Plunges as Qatar Outages and Hormuz Chaos Bite | Investing.com UK
Imports of liquefied natural gas into Asian countries fell last month by the sharpest rate since 2020, when pandemic lockdowns decimated energy demand. The total for the month stood at 20.6 million tons, Bloomberg calculated, which was down by 8.6% on March 2025 - the most sizable drop since December 2020. Pakistan saw the biggest drop in LNG imports since it was buying it mainly from Qatar. LNG shipments to the country last month plummeted by 70% from a year earlier. India and China also cut their imports substantially, both seeing them down by about 20% from a year earlier. Asia is the biggest market for liquefied natural gas. Asia is also the destination of up to 90% of Qatari and Emirati LNG, or was, until last month. With the shutdown of Qatar's Ras Laffan LNG complex and the Strait of Hormuz traffic disruption, Asia is facing a lot of energy supply pain, and that pain is going to be prolonged. To cushion the blow, Asian energy importers turned to alternative sources of liquefied gas, but with several of Australia's massive LNG production sites disrupted by a recent cyclone, the choice of suppliers has been significantly reduced. Some are turning to U.S. LNG, snapping up cargoes initially destined for Europe. So far, since the start of March, almost a dozen LNG carriers have diverted from Europe to Asia, according to cargo-tracking providers. Others are turning to coal, including Bangladesh, India, China, and Japan. In fact, Asia as a whole is ramping up coal power generation. Although coal prices have increased by 17% since the war began, the rise is small compared to the 70% jump in Asia's spot LNG prices. Bloomberg Intelligence has predicted that Asian LNG prices could surge by 50% on stiffer competition for a limited amount of supply.
SpaceX seen as make-or-break test for mega IPOs By Reuters
April 1 (Reuters) - The global IPO market has needed a win for years and Elon Musk's SpaceX could be the breakthrough. The last company to make a market debut at over a trillion dollar valuation was Saudi Aramco in 2019. An over "trillion-dollar" valuation, a CEO with a cult-like retail following and exposure to a high-growth industry - SpaceX has the elements the IPO market has sought to end a years-long drought in mega-deals. But whether investors have the appetite for a listing of this size remains uncertain. Besides, the company is so unique that its success could have limited spillover on broader market sentiment, analysts and experts said. "It's either a bellwether or a harbinger," Brian Jacobsen, chief economic strategist at Annex Wealth Management, told Reuters. He added that there is enough enthusiasm around the business to attract investor interest, but it might be so singular, with its celebrity CEO, that it could actually hurt other space stocks rather than lift them by attracting all the attention. Here are some charts that show the market's current status and SpaceX IPO's potential: WORLD'S BIGGEST IPO ON THE HORIZON The rocket startup has confidentially filed for a blockbuster listing, looking to raise $50 billion or more, which could value it at $1.75 trillion, potentially dethroning oil giant Saudi Aramco as the world's largest IPO. "SpaceX will be far and away the largest IPO in history at the sizes being discussed now," said Samuel Kerr, global head of equity capital markets at deals data provider Mergermarket. "It will be a real test for public market capacity at a time of real market turmoil. But if any business can list in this market, its probably SpaceX given the tremendous hype." PIVOTAL TESTSpaceX's listing could serve as a bellwether for the IPO market. A strong reception would indicate that a long-awaited recovery in big-ticket deals is finally underway. Years of volatile markets, driven by rising interest rates, inflation concerns and geopolitical tensions, kept issuers waiting, even as the pipeline got bigger. The industry is hoping that 2026 will finally see a broad resurgence in market debuts. "A successful SpaceX listing could well act as a catalyst for other large-scale IPOs," Kat Liu, vice president at IPO research firm IPOX. "It would demonstrate that public markets have both the depth and appetite to accommodate sizeable, high-valuation offerings, and could help validate current late-stage private market pricing." TRILLION DOLLAR CLUB Several high-profile startups, including SpaceX, ChatGPT-maker OpenAI and TikTok parent ByteDance, have blurred the line between private and public companies, with valuations that rival those of top-tier S&P 500 firms. SpaceX's listing will put it in the league of mega-cap giants such as Microsoft and Apple that draw the lion's share of both retail and institutional investor flows. Elon Musk said in February that SpaceX had acquired his artificial intelligence startup xAI in a record-setting deal. The transaction valued SpaceX at $1 trillion and xAI at $250 billion, Reuters reported, citing a source. "The recent xAI fold-in allows him (Musk) to bundle launch, Starlink, and AI into a single, scarce mega story that can support a richer valuation than the businesses might achieve separately," said Minmo Gahng, assistant professor of finance at Cornell University. SpaceX generated about $8 billion in profit on $15 billion to $16 billion of revenue last year, Reuters reported in January, citing people familiar with the matter. CURRENT STATE OF PLAY An index tracking major listings has underperformed the equities benchmark over the past 12 months. Analysts say a successful SpaceX debut could help reopen the window for large, long-delayed listings, particularly in capital-intensive sectors that have struggled to attract public market investors. Though some have taken a more cautious view of the broader market's prospects. "(SpaceX) could take up so much capacity that other mega issuers might choose to hold off not to test the same window," Mergermarket's Kerr said.
SpaceX seen as make-or-break test for mega IPOs
April 1 : The global IPO market has needed a win for years and Elon Musk's SpaceX could be the breakthrough. The last company to make a market debut at over a trillion dollar valuation was Saudi Aramco in 2019. An over "trillion-dollar" valuation, a CEO with a cult-like retail following and exposure to a high-growth industry - SpaceX has the elements the IPO market has sought to end a years-long drought in mega-deals. But whether investors have the appetite for a listing of this size remains uncertain. Besides, the company is so unique that its success could have limited spillover on broader market sentiment, analysts and experts said. "It's either a bellwether or a harbinger," Brian Jacobsen, chief economic strategist at Annex Wealth Management, told Reuters. He added that there is enough enthusiasm around the business to attract investor interest, but it might be so singular, with its celebrity CEO, that it could actually hurt other space stocks rather than lift them by attracting all the attention. Here are some charts that show the market's current status and SpaceX IPO's potential: WORLD'S BIGGEST IPO ON THE HORIZON The rocket startup has confidentially filed for a blockbuster listing, looking to raise $50 billion or more, which could value it at $1.75 trillion, potentially dethroning oil giant Saudi Aramco as the world's largest IPO. "SpaceX will be far and away the largest IPO in history at the sizes being discussed now," said Samuel Kerr, global head of equity capital markets at deals data provider Mergermarket. "It will be a real test for public market capacity at a time of real market turmoil. But if any business can list in this market, its probably SpaceX given the tremendous hype." PIVOTAL TESTSpaceX's listing could serve as a bellwether for the IPO market. A strong reception would indicate that a long-awaited recovery in big-ticket deals is finally underway. Years of volatile markets, driven by rising interest rates, inflation concerns and geopolitical tensions, kept issuers waiting, even as the pipeline got bigger. The industry is hoping that 2026 will finally see a broad resurgence in market debuts. "A successful SpaceX listing could well act as a catalyst for other large-scale IPOs," Kat Liu, vice president at IPO research firm IPOX. "It would demonstrate that public markets have both the depth and appetite to accommodate sizeable, high-valuation offerings, and could help validate current late-stage private market pricing." TRILLION DOLLAR CLUB Several high-profile startups, including SpaceX, ChatGPT-maker OpenAI and TikTok parent ByteDance, have blurred the line between private and public companies, with valuations that rival those of top-tier S&P 500 firms. SpaceX's listing will put it in the league of mega-cap giants such as Microsoft and Apple that draw the lion's share of both retail and institutional investor flows. Elon Musk said in February that SpaceX had acquired his artificial intelligence startup xAI in a record-setting deal. The transaction valued SpaceX at $1 trillion and xAI at $250 billion, Reuters reported, citing a source. "The recent xAI fold-in allows him (Musk) to bundle launch, Starlink, and AI into a single, scarce mega story that can support a richer valuation than the businesses might achieve separately," said Minmo Gahng, assistant professor of finance at Cornell University. SpaceX generated about $8 billion in profit on $15 billion to $16 billion of revenue last year, Reuters reported in January, citing people familiar with the matter. CURRENT STATE OF PLAY An index tracking major listings has underperformed the equities benchmark over the past 12 months. Analysts say a successful SpaceX debut could help reopen the window for large, long-delayed listings, particularly in capital-intensive sectors that have struggled to attract public market investors. Though some have taken a more cautious view of the broader market's prospects. "(SpaceX) could take up so much capacity that other mega issuers might choose to hold off not to test the same window," Mergermarket's Kerr said.
Natural Gas: Asian LNG Demand Plunges as Qatar Outages and Hormuz Chaos Bite | Investing.com
Imports of liquefied natural gas into Asian countries fell last month by the sharpest rate since 2020, when pandemic lockdowns decimated energy demand. The total for the month stood at 20.6 million tons, Bloomberg calculated, which was down by 8.6% on March 2025 - the most sizable drop since December 2020. Pakistan saw the biggest drop in LNG imports since it was buying it mainly from Qatar. LNG shipments to the country last month plummeted by 70% from a year earlier. India and China also cut their imports substantially, both seeing them down by about 20% from a year earlier. Asia is the biggest market for liquefied natural gas. Asia is also the destination of up to 90% of Qatari and Emirati LNG, or was, until last month. With the shutdown of Qatar's Ras Laffan LNG complex and the Strait of Hormuz traffic disruption, Asia is facing a lot of energy supply pain, and that pain is going to be prolonged. To cushion the blow, Asian energy importers turned to alternative sources of liquefied gas, but with several of Australia's massive LNG production sites disrupted by a recent cyclone, the choice of suppliers has been significantly reduced. Some are turning to U.S. LNG, snapping up cargoes initially destined for Europe. So far, since the start of March, almost a dozen LNG carriers have diverted from Europe to Asia, according to cargo-tracking providers. Others are turning to coal, including Bangladesh, India, China, and Japan. In fact, Asia as a whole is ramping up coal power generation. Although coal prices have increased by 17% since the war began, the rise is small compared to the 70% jump in Asia's spot LNG prices. Bloomberg Intelligence has predicted that Asian LNG prices could surge by 50% on stiffer competition for a limited amount of supply.
SpaceX seen as make-or-break test for mega IPOs
April 1 (Reuters) - The global IPO market has needed a win for years and Elon Musk's SpaceX could be the breakthrough. The last company to make a market debut at over a trillion dollar valuation was Saudi Aramco in 2019. An over "trillion-dollar" valuation, a CEO with a cult-like retail following and exposure to a high-growth industry - SpaceX has the elements the IPO market has sought to end a years-long drought in mega-deals. But whether investors have the appetite for a listing of this size remains uncertain. Besides, the company is so unique that its success could have limited spillover on broader market sentiment, analysts and experts said. "It's either a bellwether or a harbinger," Brian Jacobsen, chief economic strategist at Annex Wealth Management, told Reuters. He added that there is enough enthusiasm around the business to attract investor interest, but it might be so singular, with its celebrity CEO, that it could actually hurt other space stocks rather than lift them by attracting all the attention. Here are some charts that show the market's current status and SpaceX IPO's potential: WORLD'S BIGGEST IPO ON THE HORIZON The rocket startup has confidentially filed for a blockbuster listing, looking to raise $50 billion or more, which could value it at $1.75 trillion, potentially dethroning oil giant Saudi Aramco as the world's largest IPO. "SpaceX will be far and away the largest IPO in history at the sizes being discussed now," said Samuel Kerr, global head of equity capital markets at deals data provider Mergermarket. "It will be a real test for public market capacity at a time of real market turmoil. But if any business can list in this market, its probably SpaceX given the tremendous hype." PIVOTAL TESTSpaceX's listing could serve as a bellwether for the IPO market. A strong reception would indicate that a long-awaited recovery in big-ticket deals is finally underway. Years of volatile markets, driven by rising interest rates, inflation concerns and geopolitical tensions, kept issuers waiting, even as the pipeline got bigger. The industry is hoping that 2026 will finally see a broad resurgence in market debuts. "A successful SpaceX listing could well act as a catalyst for other large-scale IPOs," Kat Liu, vice president at IPO research firm IPOX. "It would demonstrate that public markets have both the depth and appetite to accommodate sizeable, high-valuation offerings, and could help validate current late-stage private market pricing."
SpaceX Awarded Task Order For SDA-4 Mission - Defense Daily
SpaceX has received a more than $178 million task order from U.S. Space Force's Systems Command (SSC) for two National Security Space Launch Phase 3, Lane 1 launches from Cape Canaveral Space Force Station, Fla., and Vandenberg Space Force Base, Calif., for the Space Development Agency-4 (SDA-4) mission in fiscal 2027. The latter includes "dozens of missile tracking satellites" by Sierra Space, SSC said on Tuesday. In January 2024, SDA awarded newcomer Sierra Space an up to $740 million Other...
SpaceX IPO Set to Become Largest in History, Marking a Defining Moment for Global Markets | Al Bawaba
SpaceX is reportedly preparing to go public in what could become the largest IPO in history, with a potential valuation exceeding USD $1.75 trillion and plans to raise up to USD $75 billion. If confirmed, this would surpass Saudi Aramco's 2019 listing, which raised USD $29.4 billion. The listing would mark the first opportunity for public market investors to gain exposure to Elon Musk's space ecosystem. SpaceX has established itself as a global leader, with its Starlink broadband network generating significant revenue and its launch capabilities dominating the commercial space sector. Proceeds from the IPO are expected to fund the continued development of Starship, expand Starlink into new verticals, support defence-related initiatives, and accelerate investments in AI infrastructure, including the concept of space-based data centres. The company's recent merger with xAI introduces an additional dimension for investors. While the move creates a vertically integrated innovation platform spanning space and artificial intelligence, it also raises questions around valuation, given xAI's capital-intensive nature. Josh Gilbert, Market Analyst at eToro, commented: "SpaceX's IPO represents a watershed moment for global markets. It's not just about gaining exposure to a leading space company, but about investing in a broader ecosystem that spans connectivity, defence, and artificial intelligence. However, the complexity of the business model -- combining a highly profitable space and broadband operation with a capital-intensive AI venture -- means investors will need to carefully assess whether the proposed valuation is justified." The IPO also has implications for Tesla investors, as Tesla holds a stake in SpaceX following its USD $2 billion xAI investment. Increasing operational ties between the companies have fuelled speculation about a potential future merger, which could create a new type of multi-sector technology conglomerate. Notably, SpaceX is expected to allocate a significant portion of shares to retail investors, potentially up to 30%, signalling a shift in how major IPOs engage with individual market participants. As anticipation builds, the key question for investors remains whether the scale, ambition, and integration of SpaceX's business lines can support what would be one of the most ambitious valuations ever seen in public markets.
SpaceX seen as make-or-break test for mega IPOs
April 1 (Reuters) - The global IPO market has needed a win for years and Elon Musk's SpaceX could be the breakthrough. The last company to make a market debut at over a trillion dollar valuation was Saudi Aramco in 2019. An over "trillion-dollar" valuation, a CEO with a cult-like retail following and exposure to a high-growth industry - SpaceX has the elements the IPO market has sought to end a years-long drought in mega-deals. But whether investors have the appetite for a listing of this size remains uncertain. Besides, the company is so unique that its success could have limited spillover on broader market sentiment, analysts and experts said. "It's either a bellwether or a harbinger," Brian Jacobsen, chief economic strategist at Annex Wealth Management, told Reuters. He added that there is enough enthusiasm around the business to attract investor interest, but it might be so singular, with its celebrity CEO, that it could actually hurt other space stocks rather than lift them by attracting all the attention. Here are some charts that show the market's current status and SpaceX IPO's potential: WORLD'S BIGGEST IPO ON THE HORIZON The rocket startup has confidentially filed for a blockbuster listing, looking to raise $50 billion or more, which could value it at $1.75 trillion, potentially dethroning oil giant Saudi Aramco as the world's largest IPO. "SpaceX will be far and away the largest IPO in history at the sizes being discussed now," said Samuel Kerr, global head of equity capital markets at deals data provider Mergermarket. "It will be a real test for public market capacity at a time of real market turmoil. But if any business can list in this market, its probably SpaceX given the tremendous hype." PIVOTAL TESTSpaceX's listing could serve as a bellwether for the IPO market. A strong reception would indicate that a long-awaited recovery in big-ticket deals is finally underway. Years of volatile markets, driven by rising interest rates, inflation concerns and geopolitical tensions, kept issuers waiting, even as the pipeline got bigger. The industry is hoping that 2026 will finally see a broad resurgence in market debuts. "A successful SpaceX listing could well act as a catalyst for other large-scale IPOs," Kat Liu, vice president at IPO research firm IPOX. "It would demonstrate that public markets have both the depth and appetite to accommodate sizeable, high-valuation offerings, and could help validate current late-stage private market pricing." TRILLION DOLLAR CLUB Several high-profile startups, including SpaceX, ChatGPT-maker OpenAI and TikTok parent ByteDance, have blurred the line between private and public companies, with valuations that rival those of top-tier S&P 500 firms. SpaceX's listing will put it in the league of mega-cap giants such as Microsoft and Apple that draw the lion's share of both retail and institutional investor flows. Elon Musk said in February that SpaceX had acquired his artificial intelligence startup xAI in a record-setting deal. The transaction valued SpaceX at $1 trillion and xAI at $250 billion, Reuters reported, citing a source. "The recent xAI fold-in allows him (Musk) to bundle launch, Starlink, and AI into a single, scarce mega story that can support a richer valuation than the businesses might achieve separately," said Minmo Gahng, assistant professor of finance at Cornell University. SpaceX generated about $8 billion in profit on $15 billion to $16 billion of revenue last year, Reuters reported in January, citing people familiar with the matter. CURRENT STATE OF PLAY An index tracking major listings has underperformed the equities benchmark over the past 12 months. Analysts say a successful SpaceX debut could help reopen the window for large, long-delayed listings, particularly in capital-intensive sectors that have struggled to attract public market investors. Though some have taken a more cautious view of the broader market's prospects. "(SpaceX) could take up so much capacity that other mega issuers might choose to hold off not to test the same window," Mergermarket's Kerr said. (Reporting by Manya Saini in Bengaluru; Editing by Sweta Singh and Shinjini Ganguli)
